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FSA attacked for axing Reasons Why letters

The Financial Services Authoritys decision to scrap Reasons Why Letters was attacked at the Council of Mortgage Lenders annual conference today.

Ann Foster, chair of the Financial Services Consumer Panel, which operates independently of the FSA, says: “It is lamentable that the FSA is not saying that brokers have to do Reasons Why letters and I hope that, with the consumers interest at heart, that intermediaries will continue to do them.”

And John Parker, chairman of the Building Societies Association and chief executive of Stroud & Swindon, says: ” I dont understand the FSA ruling on Reasons Why letters and we still produce the equivalent.”

Parker also questioned whether mortgage regulation was entirely necessary in light of research unveiled by the CML today.

The research, conducted by BRMB, revealed that 79% of recent mortgage borrowers are very or fairly confident in dealing with their financial affairs and 90% thought their lender dealt openly honestly and fairly with them.

Parker and Foster both told delegates that honesty in the marketplace is also the responsibililty of the consumer.

Parker adds: “The most important piece of advice I could give is that lenders continue to under-promise and over-deliver.”


Britannia dismisses Nationwide takeover rumours

Britannia is dismissing industry rumours that Nationwide is looking at taking over the rival mutual.Sources tell Mortgage Strategy a deal was being discussed between the UK’s biggest building society, Nationwide, and number two, Britannia, which owns intermediary lender, Platform.Britannia spokesman David Ginivan says: “There is no substance in the rumour about us and Nationwide.I can […]

Pink prepares check list to help brokers

Pink Home Loans has devised a five-point check list including transitional business, income, criteria, Key Facts Illustrations and facilities available to help intermediaries through the period after regulation.

Advantage urges industry to dig deep for charity

Advantage Home Loans is urging the mortgage industry to dig for the Century Child Champaign.With Christmas just around the corner, most children in the UK can look forward to a fun filled festive period surround by their families in the safety of their own homes. However not all children are this fortunate and Chester based […]

Lenders unite for Trigold sub-prime solution

Top UK non-conforming lenders GMAC-RFC, Kensington, SPML, igroup, First National and Mortgages PLC, are to launch a new enhanced non-conforming sourcing module on Trigolds Prospector AAA sourcing system. Created in close partnership with these six key lenders, who account for over 80% of non-conforming lending, ENC offers brokers the most sophisticated non-conforming sourcing tool in […]


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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